Key Takeaways
- You almost never need 20% down.
- Conventional loans start at 3% down; FHA at 3.5%.
- VA and USDA offer 0% down for eligible buyers.
- Down payment assistance can cover part or all of your minimum.
The 20% down payment myth keeps renters renting. Here’s what you actually need — and how low it can go.
Do you need 20% down to buy a house?
No. That figure only matters for avoiding private mortgage insurance on a conventional loan. Plenty of buyers put down far less and buy successfully.
What are the real minimums?
Conventional loans start at 3% down; FHA at 3.5%; and VA and USDA offer 0% down for eligible borrowers. Your credit, loan type and property determine which applies.
Can assistance cover your down payment?
Often, yes. Down payment assistance programs and grants can cover some or all of your minimum required down payment — meaning you may get to closing with very little out of pocket. talk to David to find your number.
Frequently Asked Questions
What is the lowest down payment to buy a house?
0% for eligible VA and USDA loans, 3% for conventional, and 3.5% for FHA.
Is it better to put more money down?
A larger down payment lowers your payment and can drop PMI, but keeping cash in reserve has value too. It’s a balance.
Can I buy a house with no money down?
Yes — through VA or USDA loans if eligible, or by combining a low-down loan with down payment assistance.
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